INTERVIEW: Recycling investments could raise Hydro earnings by $124 mln, CFO says

Norway-based aluminium and renewable energy producer Norsk Hydro hopes to increase annual earnings by as much as 1.1 billion krone ($124 million) through investments into recycling and the use of post-consumer scrap, according to chief financial officer Pål Kildemo.

Kildemo was speaking to Fastmarkets in an exclusive interview on Friday July 23, after Hydro announced its second-quarter results.
The company has set itself an ambitious target of reducing carbon emissions by 30% by 2030, and hoped to achieve this goal through heavy investment into sustainability and innovation projects.
“We don’t see a scenario where recycling is not the right area to allocate capital,” Kildemo said. “There will be more and more long-term interest [in recycling] and we believe that customer focus [in this area] will only continue.”
Hydro announced plans earlier this month to invest $120 million into the construction of an aluminium extrusion ingot recycling plant in the US state of Michigan.

“There has long been an understanding that we have moved much further with greener products in Europe than in North America, so we are really looking forward to starting this journey,” Kildemo...

Published

Imogen Dudman

July 26, 2021

16:15 GMT

London